Smiths Hotel Ltd (Prev Aiyla Anbar Ltd) - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC249368 (Scotland)

Unaudited Financial Statements

For The Year Ended 31 March 2020

for

Smiths Hotel Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N Mahmood

Mrs M A Chaudhry

SECRETARY:

Mrs M A Chaudhry

REGISTERED OFFICE:

1 Cambuslang Court

Cambuslang

Glasgow

G32 8FH

REGISTERED NUMBER:

SC249368 (Scotland)

ACCOUNTANTS:

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

FIXED ASSETS

Tangible assets

4

925,232

940,324

CURRENT ASSETS

Debtors

5

1,273

5,131

Cash in hand

1,050

5,000

2,323

10,131

CREDITORS

Amounts falling due within one year

6

194,070

164,456

NET CURRENT LIABILITIES

(191,747

)

(154,325

)

TOTAL ASSETS LESS CURRENT LIABILITIES

733,485

785,999

CREDITORS

Amounts falling due after more than one year

7

(288,678

)

(314,363

)

PROVISIONS FOR LIABILITIES

8

(73,645

)

(73,101

)

NET ASSETS

371,162

398,535

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

9

257,632

263,347

Retained earnings

112,530

134,188

SHAREHOLDERS' FUNDS

371,162

398,535

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2020 and were signed on its behalf by:

N Mahmood - Director

1.	STATUTORY INFORMATION

Smiths Hotel Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Improvements to property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances

Cash and bank balances are measured at the transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2019 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST OR VALUATION

At 1 April 2019

733,078

209,714

-

Additions

-

-

2,532

At 31 March 2020

733,078

209,714

2,532

DEPRECIATION

At 1 April 2019

57,444

20,683

-

Charge for year

14,662

4,102

506

At 31 March 2020

72,106

24,785

506

NET BOOK VALUE

At 31 March 2020

660,972

184,929

2,026

At 31 March 2019

675,634

189,031

-

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2019

78,761

6,665

17,922

1,046,140

Additions

19,911

-

833

23,276

At 31 March 2020

98,672

6,665

18,755

1,069,416

DEPRECIATION

At 1 April 2019

18,859

2,916

5,914

105,816

Charge for year

11,972

937

6,189

38,368

At 31 March 2020

30,831

3,853

12,103

144,184

NET BOOK VALUE

At 31 March 2020

67,841

2,812

6,652

925,232

At 31 March 2019

59,902

3,749

12,008

940,324

Cost or valuation at 31 March 2020 is represented by:

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

Valuation in 2015

352,762

-

-

Cost

380,316

209,714

2,532

733,078

209,714

2,532

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Valuation in 2015

-

-

-

352,762

Cost

98,672

6,665

18,755

716,654

98,672

6,665

18,755

1,069,416

Fixed assets, included in the above, which are held under finance leases are as follows:

Computer

equipment

£

COST OR VALUATION

At 1 April 2019

and 31 March 2020

16,049

DEPRECIATION

At 1 April 2019

5,296

Charge for year

5,296

At 31 March 2020

10,592

NET BOOK VALUE

At 31 March 2020

5,457

At 31 March 2019

10,753

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Prepayments

1,273

5,131

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

27,672

24,542

Finance leases

2,272

2,024

Trade creditors

6,171

682

Credit card

4,767

10,687

Tax

12,375

14,758

Social security and other taxes

446

1,677

Pensions

468

110

VAT

10,204

8,132

Directors' current accounts

119,988

92,979

Accrued expenses

9,707

8,865

194,070

164,456

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans - 1-2 years

24,637

23,414

Bank loans - 2-5 years

81,865

171,825

Bank loans more 5 yr by instal

170,893

105,570

Finance leases

11,283

13,554

288,678

314,363

31.3.20

31.3.19

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

170,893

105,570

8.	PROVISIONS FOR LIABILITIES

31.3.20

31.3.19

£

£

Deferred tax

73,645

73,101

Deferred

tax

£

Balance at 1 April 2019

73,101

Provided during year

1,885

Re revaluation of property

(1,341

)

Balance at 31 March 2020

73,645

9.

RESERVES

Revaluation

reserve

£

At 1 April 2019

263,347

Asset revaluation

(7,056

)

Deferred tax

1,341

At 31 March 2020

257,632

10.	RELATED PARTY DISCLOSURES

During the year the company rented an apartment from director Nasir Mahmood for £500 per month, the total for the year was £6,000. The hotel then used this apartment to generate income.

There was no amount owed to the director at the year end in relation to rent.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr N Mahmood and Mrs M A Chaudhry.